Taxing times for Iceland’s recovering banks

Although more than 30 bankers are behind bars for their role in its traumatic economic crisis, Iceland still seems to be hell bent on extracting its pound of flesh from the banking industry. 

Why else would it continue to subject its banks to a taxation regime that is now looking increasingly past its sell-by date? Besides paying income tax of 20%, Arion Bank, Islandsbanki and Landsbankinn are each still clobbered with an additional levy of 6% of all taxable income above IKr1 billion ($10 million).